Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), cryptocurrency is under constant scrutiny from Congress for its approach to industry.
United States House of Representatives Member Tom Emmer: “We look forward to Gary Gensler’s testimony before the Financial Committee”
Tom Emmer, Member of the United States House of Representatives, stated that they are now more concerned about the SEC chairman’s strategy to put things right:
“In March, we were concerned that Gary Gensler was taking a haphazard and inconsistent approach to oversight of the crypto community. We are even more concerned now as we see that his strategy has overlooked Celsius, Voyager, Terra/Luna and now FTX.
Congress should not have to learn the details of the SEC’s audit agenda from news in innovative media, and we look forward to Gary Gensler’s public testimony before the Financial Committee.”
The congressman stressed that representatives were concerned about Gensler’s “arbitrary and inconsistent” approach to the cryptocurrency community in March 2022. Since then, the digital asset market has seen the collapse of Celsius, Voyager, Terra Luna and now FTX.
We were concerned in March that @GaryGensler was taking an indiscriminate and inconsistent approach to oversight of the crypto community. https://t.co/7MLPETnLxF
— Tom Emmer (@RepTomEmmer) November 25, 2022
Having reached an all-time high of almost $3 trillion in November 2021, the cumulative crypto market cap currently stands at $840 billion. More than $2 trillion has disappeared from the market.
The Terra LUNA collapse was a kind of alarm bell for the SEC to wake up and make clear but drastic regulations around the market. But the SEC chairman has failed to do so. As a result, the crypto community saw another major crash in 2022.
The collapse of the FTX cryptocurrency exchange gave the crypto market a much bigger shock. It also increased uncertainty among investors.
*Not investment advice.
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